Bond payoff saves DASD millions

EAST CALN — The Downingtown Area School Board approved repayment of 2007 bonds, which will save district taxpayers more than $430,000 every year for the next five years.

The decision, made during the March 13 board meeting, was for the approval of a draft of the resolution, and payment of the loan, $9,845,000, is expected to occur on June 1.

The early payment is expected to result in savings of at least $430,000 per year through 2018.

According to district Business Director Richard Fazio, the bonds were originally purchased in 2003 for $10 million for renovations made on the Downingtown High School West campus. In 2007, the bonds were refinanced.

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“It has 11 years to run, so we’re just going to pay it off,” said Fazio. “By paying it off early, we’re saving all that interest that we would have been paying with the annual payments.”